Both printers include colour printing, Wi-Fi connectivity, and USB connectivity. Their most relevant distinctions are fax and an automatic document feeder (ADF).
L5390 offers print, scan, copy, and fax, versus print, scan, and copy on ET-2720. L5390 supports an automatic document feeder (ADF), whereas ET-2720 does not. L5390 has ISO black print speed of 11 ipm, versus 10 ipm on ET-2720. L5390 supports Ethernet, whereas ET-2720 does not. L5390 supports Mopria, whereas ET-2720 does not.
The paired specifications favour L5390, particularly on fax. The other model may fit better if its own strengths matter more to you. Consider the first model if fax matters most; consider the second if listed operating systems is the priority.